CALL FOR A FREE
INITIAL CONSULTATION
813.254.5696

BRIDGING YOU TO A BRIGHTER FUTURE

Protest group strikes medical debt for 1,064 individuals

Occupy Wall Street is a protest group that has emerged amidst the economic recession. Whether our readers agree with the group or not, they have made themselves known. Now, offshoots of the group have sprouted that have done things that made headlines. One of these offshoots is a group that calls themselves “Strike Debt.”

The aim of the new group is help eliminate average Americans’ debt by using the lending industry’s own structure against them. The most recent act has been to eliminate approximately $1.1 million worth of medical debt that has piled up. A total of 1,064 people probably considered themselves to be lucky to be in that group, each with an average debt of $900.

When you think of the word “lender,” most often than not, a bank probably comes to mind. However, banks are certainly not the only ones that provide loans. A hospital can essentially become a lender when they provide medical services to patients and send them a bill. Most lending institutions and other companies do not hold the debt until it is paid off. Many companies sell these debts to a third party who then either collects on the debt or even sells it again.

It is this free-market buying and selling of debt that the protest group has exploited. They too have entered the arena of “debt sales.” The only difference is that after purchasing the debt, they are not reselling it or trying to collect. Instead, the group purchased the debt worth over a million for only $21,000 and then simply forgave it.

This group has eliminated a large amount of consumer debt, but the group of people that has been helped is miniscule in the grand scheme of things. It is also important to point out that debt forgiven outside of bankruptcy does have other consequences. We are talking about tax consequences because debt forgiven in situations such as this one is considered income by the Internal Revenue Service and the federal tax code.

There are millions of people across the nation suffering under the burden of one debt or another. Discussing debt relief options with a bankruptcy attorney provides individuals with real options available to them.

Source:CNN, “Occupy offshoot forgives $1 million in random people’s debt,” Blake Ellis, March 15, 2013

Debt relief may look different for each individual or family. Our bankruptcy website provides information about secured and unsecured debt and options for reorganizing or eliminating debt, and access to a team that understands the unique nature of each case.

Tampa Bankruptcy Law Blog

Top Three Bankruptcy Tips

Top Three Bankruptcy Tips

Filing for bankruptcy can be an overwhelming experience. Many people postpone filing to avoid the intimidation and anxiety they assume
Read More
Is there Such a Thing as Bankruptcy School?

Is there Such a Thing as Bankruptcy School?

If you’ve heard anyone talking about bankruptcy and what’s needed to successfully use it to remedy financial problems, you might
Read More
Three Important Things to Know about Bankruptcy and Taxes

Three Important Things to Know about Bankruptcy and Taxes

Bankruptcy offers relief when debts have gotten out of control. Chapter 7 bankruptcy results in a discharge of certain debts, which
Read More
What Happens When You are Sued for a Debt?

What Happens When You are Sued for a Debt?

If you’ve been served with a notice from a creditor that you’re being taken to court over a debt, you
Read More
Why Researching Bankruptcy Online Could Be a Mistake

Why Researching Bankruptcy Online Could Be a Mistake

In this day and age, the first place we turn for information is the internet. It’s convenient, free, and easy,
Read More
Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Why the Meeting of Creditors is the Scariest Part of Bankruptcy

Filing for bankruptcy is a scary experience, but within the entire process from start to finish, the 341 Meeting of
Read More
How Do You Benefit from the Automatic Stay?

How Do You Benefit from the Automatic Stay?

Bankruptcy offers a variety of benefits. One of the most important is the automatic stay. Bankruptcy’s automatic stay stops bill collectors
Read More

The Secret Trick for Making the Most of Bankruptcy Exemptions

When you file for bankruptcy you take a risk. You’re risking that the choice you’re making now will improve your
Read More

Leftover Debt: What You Can Expect to Pay after Bankruptcy

Bankruptcy can free you from financial burdens that have plagued you for years. It can make your life easier and
Read More

Is Chapter 13 Bankruptcy the Best Option for You?

Deciding that bankruptcy is the right solution to help you with your financial struggles is a big commitment. Many people
Read More

Contact Us

Archive

Request a FREE Consultation

For The Next 5 Days Get A Free Book About Bankruptcy


 
comodo 10.0Robert Marc Geller
Robert Marc GellerClients’ ChoiceAward 2017 Robert Marc GellerReviewsout of 32 reviews LEA

We are A Debt Relief Agency.
We help people file for
bankruptcy under the Bankruptcy Code

Pay Online    

Office Locations

$Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405
Maps & Directions


Tampa Law Office Map

Satellite Office

$Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G

St. Petersburg, FL 33701
T: 727-532-3939
Maps & Directions


Map and Directions

At the Tampa Bay law firm, the Law Offices of Robert M. Geller, P.A., we help people with consumer bankruptcy matters in the Tampa Bay-St. Petersburg,  Florida communities such as Clearwater,     St. Petersburg, Tampa, Thonotosassa, Riverview, Lutz, Plant City, Brandon, Carrollwood, Wesley Chapel, St. Petersburg Beach, Lakeland, Mulberry, Dade City, Pinellas Park, Largo, Seminole, Odessa, Oldsmar and Lithia, and counties such as Hillsborough County, Pinellas County, Pasco County, Polk County and Manatee County.